Daily Archives: March 2, 2020

Receipts from leasing of cinema hall with furniture & fixtures, plant & machineries and other amenities, was “business income”

By | March 2, 2020

Deep Muliplex P.Ltd. Vs DCIT (ITAT Ahmedabad) ITA. No. 1719/Ahd/2017 12/02/2020 2012-13 FULL TEXT OF THE ITAT JUDGEMENT Assessee is in appeal before the Tribunal against order of the ld. CIT(A)-1, Vadodara dated 23.1.2015 passed for the Asstt.Year 2012-13. 2. At the outset, it was brought to my notice that appeal of the assessee is barred… Read More »

Amendment to partnership deed not registered with Registrar are not legally enforceable

By | March 2, 2020

GRK Agencies Vs ITO (ITAT Amritsar) ITA No. 412/Asr/2018 10/04/2019 2014-15 FULL TEXT OF THE ITAT JUDGEMENT This is an Appeal by the Assessee directed against the Order by the Commissioner of Income Tax (Appeals)-2, Amritsar (‘CIT(A)’ for short) dated 17.05.2018, dismissing the assessee’s appeal contesting its’ assessment u/s. 143(3) of the Income Tax Act,… Read More »

Excess stock already accounted by Assessee before search cannot be taxed as undisclosed Income

By | March 2, 2020

ACIT Vs New Horizons Limited (Kolkata High Court)  I.T.A. No. 2127/KOL/2017 28/08/2019 2015-2016 FULL TEXT OF THE ITAT JUDGEMENT Per Shri P.M. Jagtap, Vice-President (KZ):- This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals)-21, Kolkata dated 04.07.2017 on the following grounds:- “1. In the facts and circumstances of… Read More »

No Provision in IBC mandating that Resolution Plan Should Match Liquidation Value

By | March 2, 2020

Maharasthra Seamless Limited Vs Padmanabhan Venkatesh & Ors. (Supreme Court) Civil Appeal No. 4242 of 2019  22/01/2020 FULL TEXT OF THE SUPREME COURT JUDGEMENT These proceedings arise out of Corporate Insolvency Resolution Process (CIRP) involving United Seamless Tubulaar Private Limited, the corporate debtor. The successful Resolution Applicant, Maharashtra Seamless Ltd. (MSL) is the appellant in C.A. No.… Read More »

No Service Tax Disallowance if same not forms part of Turnover- Section 43B

By | March 2, 2020

SDCE Projects (P) Ltd. Vs DCIT (ITAT Ahmedabad) ITA No. 2556/AHD/2017 01/10/2019 FULL TEXT OF THE ITAT JUDGEMENT The captioned appeal has been filed at the instance of the Assessee against the order of the Learned Commissioner of Income Tax (Appeals)-2, Vadodara dated 10/08/2017 (in short “Ld. CIT(A)”) arising in the matter of assessment order… Read More »

EPF & ESIC of Employees contribution allowable if paid within relevant due date

By | March 2, 2020

 PCIT Vs Orchid Pharma Ltd. (Madras High Court)  Tax Case Appeal Nos. 430 & 421 of 2019  : 08/07/2019 Related Assessment Year : 2013-14 and 2014-15 FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT We have heard Mrs.R.Hemalatha, learned Senior Standing Counsel appearing on behalf of Mr.T.R.Senthilkumar, learned Senior Standing Counsel for the appellant –… Read More »

GST Revenue collection for February 2020 Rs 1,05,366 crore

By | March 2, 2020

Ministry of Finance GST Revenue collection for February, 2020 ₹ 1,05,366 crore gross GST revenue collected in February Posted On: 01 MAR 2020 The gross GST revenue collected in the month of February, 2020is ₹ 1,05,366 crore of which CGST is ₹ 20,569crore, SGST is ₹ 27,348crore, IGST is ₹ 48,503crore (including ₹ 20,745crore collected on imports) and Cess is ₹ 8,947 crore (including ₹ 1,040crore collected… Read More »

Category: GST